The Global ICP-OES Spectrometer Market is expected to register a CAGR of
7.2% during the forecast period of 2019 to 2025 with a market value of USD
521.4 million in 2018.
ICP-OES Spectrometer or inductively coupled plasma optical emission
spectroscopy is an analytical technique that is used for the detection of
chemical elements. With the help of this technique, the composition of elements
in samples can be determined using plasma and a spectrometer. The global
ICP-OES spectrometer market is driven by factors such as increasing R&D
expenditure for the development of better analytical systems and growing
technological advancements. On the other hand, the high cost of instruments and
requirement of large capital investment for setting up instrument manufacturing
plants is projected to negatively affect the growth of the market during the
assessment period.
Moreover, major companies in the market are involved in
strategic acquisitions and collaborations to sustain their position in the
market. For instance, in May 2018, PerkinElmer Inc. acquired Shanghai Spectrum
Instruments Co., Ltd, which helped the company to build a strong position in
the Chinese market.
Key
Players:
Some of the key players in the global ICP-OES spectrometer
market are PerkinElmer Inc. (US), Shimadzu Corporation (Japan), GBC Scientific
Equipment (Australia), Thermo Fisher Scientific (US), Agilent Technologies,
Inc. (US), SPECTRO Analytical Instruments GmbH (Germany), Teledyne Leeman Labs
(US), Analytik Jena AG (Germany), Horiba (Japan), Skyray Instrument Inc. (US),
Beijing Huake Tiancheng Technology Co., Ltd (China), FPI (China), Hitachi
High-Technologies Corporation (Japan), Merck KGaA (Germany), and others.
Segmentation:
The global ICP-OES spectrometer market has been segmented based on
spectrometer type, application, and end user.
The market, based on spectrometer type, has been bifurcated into
sequential and simultaneous. The sequential spectrometer market is expected to
hold a major share in the market owing to its wider availability in the market.
The simultaneous spectrometer segment is anticipated to be the fastest growing
due to its rising adoption rate.
The market, by application, has been divided into nanotechnology, drug
discovery, environmental testing, food & agriculture, and others. The drug
discovery segment is expected to hold a major share owing to a large number of
applications of ICP-OES spectrometer in this field. The environmental testing
segment is expected to be the fastest growing due to an increasing number of
research activities for using ICP-OES spectrometer for environmental testing
purpose.
The market, by end user, has been classified as pharmaceutical &
biotechnology companies, research & academic institutes, and others. Pharmaceutical
& biotechnology companies are anticipated to hold a major share in the
market. This is due to the increasing number of applications of ICP-OES
spectrometer in the pharmaceutical industry. The research & academic
institutes segment is expected to become the fastest growing market due to the
increasing research activities.
The market has been divided, by region, into the Americas, Europe,
Asia-Pacific, and the Middle East & Africa. The ICP-OES spectrometer market
in the Americas has further been branched into North America and Latin America,
with the North American market divided into the US and Canada. The European
ICP-OES spectrometer market has been sub-divided Western Europe and Eastern
Europe. Western Europe has further been classified as Germany, France, UK,
Italy, Spain, and the rest of Western Europe. The ICP-OES spectrometer market
in Asia-Pacific has been segmented into Japan, China, India, South Korea,
Australia, and the rest of Asia-Pacific. The ICP-OES spectrometer market in the
Middle East & Africa has been divided into the Middle East and Africa.
Regional
Analysis:
The market in the Americas is expected to dominate the global ICP-OES
spectrometer market due to the growing expenditure on R&D to develop new
technologies and the high adoption of new technology in the region. Moreover,
the presence of major companies such as PerkinElmer Inc., Agilent Technologies,
Inc., Thermo Fisher Scientific, etc. in North America is also expected to fuel
the market growth in the region.
The market in Europe showed a substantial amount of growth. The market
growth in this region can be attributed to the presence of a well-established
healthcare system and increasing adoption of ICP-OES spectrometer for research
purposes.
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The market in Asia-Pacific is projected to have the fastest growth rate
during the forecast period owing to the rapid growth of the pharmaceutical
industry in countries such as China, India, and Japan.
The market in the Middle East & Africa is anticipated to account for
the least share of the global market due to low disposable income in the
region. Moreover, the presence of major companies in the Middle East and
African market is also limited, which is projected to curb the growth of the
market in the future.
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